Lansdale Garden & Miramar Apartments justin ferguson

Available

Lansdale Garden & Miramar Apartments

Price

Unpriced

Units

243

Address

2713 Azalea Garden Rd a1, Norfolk, VA 23513

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Offering Highlights

Institutional-Scale Portfolio
243 units across 16 buildings, totaling over 217,000 SF with 1BR, 2BR, and 3BR unit mixes ideal for workforce and student housing.

Significant Value-Add Opportunity 
In-place rents average $897/month with over $760K in loss-to-lease, creating clear upside via strategic renovations and renewals

Transit-Oriented Location
Direct access to I-64, I-264, Granby Street, and minutes from Norfolk International Airport and ODU.

Strong Employment Anchors Nearby
Immediate proximity to Naval Station Norfolk, Sentara Healthcare, Eastern Virginia Medical School, Rivers Casino, and IKEA.

Massive Regional Investment Pipeline
Surrounded by $5B+ in infrastructure and mixed-use development including the HRBT expansion, Atlantic Park, and airport upgrades

Lansdale Garden & Miramar Apartments – 243-Unit Multifamily Portfolio in Core Norfolk Submarket

Marcus & Millichap is pleased to present Lansdale Garden & Miramar Apartments, a 243-unit value-add multifamily opportunity in Norfolk, Virginia. This portfolio spans 16 two-story buildings totaling 217,395 SF and includes 75 one-bedroom, 118 two-bedroom, and 50 three-bedroom units across two adjacent communities. Built in 1964 and 1971 and situated on a combined ±7.71 acres, the properties benefit from scale, visibility, and location in a high-demand rental corridor.

The portfolio offers significant upside: current rents average just $897/month ($1.04/SF), while market rents in the submarket exceed $1,150/month ($1.34/SF). With a current effective gross income of $2.27M and a pro forma potential of $3.3M, this asset is a prime candidate for a structured renovation and revenue enhancement strategy.

Located minutes from I-64, I-264, and Granby Street, the properties offer immediate access to Norfolk International Airport, IKEA, Sentara Healthcare, the Naval Station Norfolk, and Old Dominion University. This offering provides investors with scale, cash flow, and clear long-term rent growth in one of Virginia’s most resilient multifamily markets.

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